NEW DELHI: Anil Ambani-owned Reliance Power (RPL) is set to raise Rs 1,200 crore from Varde Partners, a distressed asset fund. RPL, part of Reliance Anil Dhirubhai Ambani Group, is a private sector power generation and coal resources company.
It has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts. “RPL and its subsidiary entered into an indicative Memorandum of Understanding (MoU) with Varde Partners for availing of debt up to Rs 1,200 crore (USD 150 million) for settlement, discharge, acquisition and restructuring of certain financial debt availed by RPL,” said the company in an exchange filing.
It said the drawdown of the debt will be subject to finalisation and execution of binding documents and requisite approvals including regulatory nods as per the rules.
“Stock exchanges will be updated once the terms of the proposed financing are finalised and the definitive documents in relation to the proposed financing are executed,” said the firm.